Accounting advice
We provide assistance to clients on a wide range of accounting and financial reporting issues. Our experts have detailed knowledge of:
- accounting standards and interpretations
- relevant UK legal requirements
- market practice
In this section you can find out more about:
International Financial Reporting Standards (IFRS)
Fully listed companies and Aim companies (for accounting periods ending on or after 31 December 2007) are required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS).
Together with the gradual convergence of UK Financial Reporting Standards with IFRS this represents the biggest change to the UK financial reporting regime for a generation.
Start the implementation of IFRS process as early as possible
For finance directors, the implementation of IFRS is like having to pass all of their exams again in one go and with no possibility of failure. Financial directors must plan the time frame of the project and, crucially, the resources needed to carry it through. It is imperative to start the process as early as possible.
The main impact on preparers of financial statements will be:
- format differences
- valuation issues
- accounting for financial instruments
- impairment reviews
- systems and record-keeping
- preparation of interim financial statements
IFRS transition in four steps:
The impact of IFRS transition on every business will be different. To break this down into manageable chunks, we have developed a four step methodology.
Step 1
Prepare a high level impact review.
Categorise the impact of each standard (on a traffic light system) as Red Amber or Green
- Red – recognition adjustments, accounting choices and major disclosure changes
- Amber – disclosure issues (bearing in mind that there are a great number of minor differences between UK GAAP and IFRS disclosures)
- Green – not applicable
Step 2
Make the decisions and choices that are required by IFRS. Factor in IFRS 1 – First time adoption.
Step 3
Obtain the information needed to calculate the quantum of the recognition adjustments and to make the disclosures.
Step 4
Prepare the transition date balance sheet, the subsequent primary statements and then the full set of accounts.
Our IFRS experience
We have advised many companies on IFRS transition, from preliminary advice on the key changes, to detailed valuation exercises and complete production of IFRS compliant full financial statements.
Contact us - IFRS implementation
Philip Quigley
tel 020 7131 4304
email: Philip Quigley
Preparation of statutory accounts
Within each office, our team can provide advice and assistance with the preparation of statutory accounts.
The focus is on:
- disclosures required in the accounts
- interpretation of legislation
- accounting treatment and disclosure of particular transactions
For those companies looking for full assistance, we are able to:
- prepare accounts from cashbooks, bank statements, trial balances, invoices and other source documentation
- prepare ‘full’ accounts, ‘FRSSE’ accounts or ‘abbreviated’ accounts, depending upon whether companies are able (due to their smaller size) and willing to take advantage of disclosure exemptions
- submit the signed accounts to Companies House
For those companies looking to prepare and file their own accounts, we are able to assist by:
- reviewing drafted accounts for disclosure omissions or errors
- providing advice on the interpretation of accounting standards and the application of those standards to particular circumstances or transactions
Contact us - preparation of statutory accounts
Yvonne Lang
tel: 020 7131 4307
email: Yvonne Lang
